Insights: Policy

ROAD to Housing Act (Housing Supply)

Staff for House Financial Services Committee (HFSC) Chair Hill (R-AK) and Ranking Member Waters (R-CA) have reportedly been working on changes to the ROAD to Housing Act, the Senate’s housing supply bill. Similar versions of the bill have already passed both the House and Senate by very large margins, but the housing industry (i.e., single and...

CLARITY Act (Crypto Market Structure), Stablecoin Yield

Sen. Tillis (R-NC) indicated that he is planning to soon release text of a compromise on restricting stablecoins from offering yield, the primary issue that is holding up passage of the much broader CLARITY Act, which provides a comprehensive regulatory framework for the crypto ecosystem. The crypto industry is reportedly supportive of the...

Warsh Fed Confirmation, DOJ Investigation into Powell

On 4/21, the Senate Banking Committee (SBC) is holding a hearing on Kevin Warsh’s nomination as Fed Chair. While the hearing represents an advancement in Warsh’s confirmation, Sen. Tillis (R-NC), a member of the SBC, continues to say that he will not support moving Warsh’s confirmation forward until the DOJ drops its investigation of Fed Chair...

Sens. Barrasso (R-WY) and Graham (R-SC) met with President Trump regarding their strategy for using the partisan reconciliation process to enact ICE/CBP funding by 6/1. They all acknowledged in posts/comments after the meeting that the reconciliation bill will be focused just on ICE/CBP and not include other provisions. Graham implied they are...

Tech / Media / Telecom

Semiconductor Export Controls/China

Sens. Ricketts (R-NE) and Kim (D-NJ) have introduced the MATCH Act, which would limit the sale of semiconductor manufacturing equipment (SME) to China. Numerous other tech export control bills have been introduced over the last year and a number have progressed through various stages of the legislative process on a bipartisan basis. In...

President Trump has released his FY27 budget proposal. Regarding NIH, Trump proposes cutting funding by ~$5b (~10%) relative to FY26 levels (currently ~$49b). The budget also revives proposals to limit indirect costs on NIH grants to 15% and to shift to 100% forward multiyear funding for new grants.